Inver Grove Heights, Minnesota Property Taxes
The median property tax rate in Inver Grove Heights, MN is 1.02%, which is slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in Inver Grove Heights at $307,300, the typical annual property tax bill reaches $3,302, surpassing the national median of $2,690. Property taxes here are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural land. Understanding Inver Grove Heights' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Inver Grove Heights or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Inver Grove Heights, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$3,134
Ownwell’s Inver Grove Heights Property Tax Bill Calculator offers homeowners, real estate investors, and potential property buyers a straightforward way to estimate their annual property taxes in Inver Grove Heights using just two key data points. By inputting your property's estimated assessed value, the calculator utilizes the median tax rate in Inver Grove Heights to provide an estimated property tax bill. This practical tool aids in understanding your potential tax liabilities. For those keen on exploring neighborhood-level trends, additional localized information is available further down the page. Your property’s assessed value, determined by Dakota County, forms the basis for property tax calculations and incorporates any applicable exemptions.
Property Tax Rates Across Inver Grove Heights, Minnesota
Property taxes in Inver Grove Heights, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Inver Grove Heights is 1.02%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Inver Grove Heights set these rates annually, and they can vary significantly across different neighborhoods. Each year, Inver Grove Heights estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. For comparison, the 55077 zip code has the highest median property tax rate of 1.18%, while the 55076 zip code has the lowest median tax rate of 1.00%. Understanding how these areas compare with Inver Grove Heights provides valuable insights into the varying tax landscape across Dakota County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Inver Grove Heights Tax Rate
1.02%
Average Dakota County Tax Rate
1.06%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Inver Grove Heights, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55076 | 0.93% | 0.98% | 1.00% | 1.03% | 1.07% |
| 55077 | 0.93% | 1.03% | 1.18% | 1.24% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Inver Grove Heights, Minnesota
In Inver Grove Heights, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Dakota County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Inver Grove Heights, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Inver Grove Heights helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $5,352 in the 55077 zip code, while the lowest median tax bill is $2,916 in the 55076 zip code.
Property Tax Assessment Values Across Inver Grove Heights, Minnesota
Source: Ownwell
$1,400
$680,200
$1,359,000
Average Inver Grove Heights Assessed Value
$307,300
Average Dakota County Assessed Value
$344,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Inver Grove Heights, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55076 | $77,400 | $225,900 | $283,800 | $368,700 | $462,000 |
| 55077 | $35,300 | $197,700 | $446,800 | $591,950 | $737,280 |
Source: Ownwell
Property Tax Bills Across Inver Grove Heights, Minnesota
In Inver Grove Heights, located in Dakota County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This value is then multiplied by the local tax rate to arrive at the annual tax bill. For context, the median home price in Inver Grove Heights is $307,300. Homeowners in this area can expect a wide range of property tax bills. Those in the 25th percentile pay around $2,378 annually, while those in the 75th percentile face bills closer to $4,980. At the high end, the 90th percentile sees tax bills reaching up to $7,177. Several factors influence these tax amounts, including changes in the market value of homes, local government budgets, and voter-approved levies for public services. For instance, the highest median tax bill in the area, found in zip code 55077, is $5,352, while the lowest, in zip code 55076, is $2,916. These variations significantly impact homeowners, influencing their overall cost of living and financial planning.
Average Inver Grove Heights Tax Bill
$3,302
Average Dakota County Tax Bill
$3,728
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Inver Grove Heights, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55076 | $1,434 | $2,302 | $2,916 | $3,906 | $4,950 |
| 55077 | $1,036 | $3,026 | $5,352 | $7,280 | $9,221 |
Source: Ownwell